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Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on Feb 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Rohini on Feb 02, 2023Hindi

Money

Hi Mahesh,Is there any time limit for continuation in new tax regime if we opt in AY 2024-25 or we can change it to old tax regime in AY 2025-26

Ans: Answered this question

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Asked by Anonymous - Feb 01, 2023Hindi

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I opted for new tax regime for FY 20-21 and moved back to new tax regime for FY 21-22 since i bought a house. Can I opt for new tax regime again now or have to continue with the old tax regime.

Ans: You can switch to new scheme if you don't have income from business

Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on Feb 03, 2023

Question by Rohini - Feb 02, 2023Hindi

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Hi Mahesh,Is there any time limit for continuation in new tax regime if we opt in AY 2024-25 or we can change it to old tax regime in AY 2025-26

Ans: Yes you could opt for the old tax regime freely assuming that you do not have any business / professional income

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Question by Rajeev - Feb 03, 2023Hindi

If in FY 2022-23 I have opted for old regime of income tax, may I opt new tax regime for FY 2023-24

Ans: For a person earning income from source other than business and profession, option of availing old tax regime is available every year and new tax regime rates are default from FY 2023-24 as per proposal of Budget 2023

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Question by N - Feb 16, 2023Hindi

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Suppose I opt for new tax regime for current financial year , is it open for me to switch over to old tax regime next financial year ?

Ans: Hi
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Asked by Anonymous - Jan 04, 2025Hindi

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I am in debt trape around 8.5 lac with personal loan and credit card due

Ans: Hello;

What is your current monthly income?

Do you have any disposable asset?

Please take your family and friend circle into confidence and explain your difficult situation.

First priority should be to settle credit card dues since they have a very high rate of interest.

Remember the age old saying to cut your cloth according to your size.

Stop using credit cards since it cultivates tendency of reckless spending in the absence of rigorous discipline.

Henceforth do not borrow except for home loan, as far as possible.

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Asked by Anonymous - Jan 20, 2025Hindi

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I am investing in Quant active fund MF from last 12 months now and since then I am experiencing negative returns. should I stay invested or switch? If stay invested, then advise approx time to invest ?

Ans: Hello;

If you have invested for the long term(7+ years) then you should not get bogged down by such short term market volatility and drawdowns causing negative returns.

However some allegations of unfair practices against Quant AMC have surfaced.

In the backdrop of these events you may move your investment to another fund in the same category.

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Question by Kanagaraj - Dec 24, 2024Hindi

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Hi sir, I transfered 3 lakhs to my friend in 2023 as loan through bank transfer. If he repay that without any interest in 2024, should I pay income tax?

Ans: You should get the amount back through banking channel only. You would have to pay any tax on it, since this is not your income, but just return of temporary loan without interest, to your friend.
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Asked by Anonymous - Dec 24, 2024Hindi

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Sir if my only source of income is intrest from fd that is around 2 lacs per month then how much tax I have to give and my age is 51

Ans: Your question is incomplete without details of :
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(c). Please also specify financial year under reference.
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Asked by Anonymous - Dec 22, 2024Hindi

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My portfolio is 10 lac I can pay income tax yes or not

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Sir, It assessess annual income below rs:5 lacs senior citizen person cash gift to grandson rs:1 crores amount through on bank mode f.y.24-25 Question: Sec 68 provision applicable for it act

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IT Department can demand an explanation (u/s 68) from the grandson & he needs to explain this entry, to the satisfaction of assessing officer.
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Asked by Anonymous - Jan 15, 2025Hindi

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Uan aadhaar nanme mistake uan attivation problem any help plz

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Question by Pravin - Jan 15, 2025Hindi

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If,a senior citizen has interest plus dividend income of 2.70 lacs and ltcg of 1.10 lacs for F.Y 2024-25( no other income), will he/she will have to file ITR for A.Y 25-26

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Question by Vijay - Jan 15, 2025Hindi

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I am looking for saving tax from my income ,FD & MF interest. Salary 22L, FD 60L, MF 25L. Please advise.

Ans: 01. Let me confirm your figures as, Salary Income Rs.22L, Interest from FDR Rs. 60L & MF Gains Rs. 25L.
02. Kindly avail normal tax savings like, u/s 80-C, Mediclaim u/s 80D, Pension Plan etc.
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Tax Expert - Answered on Jan 20, 2025

Asked by Anonymous - Jan 04, 2025Hindi

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I want to provide my son a long term loan of Rs.10 lacs as Interest free loan. Will my son be liable to pay tax on this amount?

Ans: No. You son won't be liable to pay any income tax on this transaction, since this is a loan not an income of your son. You are advised to complete this transaction through banking channels only.
Most welcome for any further clarifications. Thanks.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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